Even with signs pointing toward an economic recovery, 2010 college graduates still face a tough job market. The working world may be headed in the right direction, but a job shortage remains a reality. For recent grads, the job prospects will stay about the same or slightly better than last year's gloomy outlook, according to a survey by Challenger, Gray & Christmas Inc., a global outplacement agency that questioned 100 human resource professionals.
The lack of positions in the entry-level job field may cause new grads to seek lower-paying jobs. Or soon-to-be graduates might have to settle for no compensation with volunteer opportunities or unpaid internships, meaning they will most likely need to move home with mom and dad. Of course it is difficult to not receive a paycheck, but volunteer positions and internships can provide helpful experience for resumes. Some grads might give up on the job search and choose to go back to school or travel.
When looking at last year's job economy, this year appears to produce a little more optimism. About half of the respondents feel the 2010 job outlook is similar to last year, while 28 percent of respondents say the economic outlook appears slightly better this year. To bring a little sunshine to this situation, less than 10 percent of HR executives think the 2010 job market will be worse for recent grads than in 2009.
"Last year was an extremely tight job market for entry-level candidates," says John A. Challenger, chief executive officer. "Even if this year is slightly better, the competition for available jobs will remain fierce. In fact, some of this year's graduates may very well compete with some of last year's graduates for positions.
"They will also be competing with other young people, who received their diplomas within the last five years, had jobs, and found themselves back in the labor pool once the recession hit.
These recent job-seekers could prove to be the toughest competition for this year's graduates, as they are likely to accept entry-level wages yet bring some on-the-job experience to the table."
On-campus job fairs haven't been a great help to college seniors. It seems that campus recruiting has only improved a little in recent months. With a decrease in available entry-level positions, it makes sense that companies aren't actively pursuing students on campuses. Without these job fairs, recent grads will need to actively search for open positions. It will take more effort than looking at a few job-search websites.
"This is not to say that soon-to-be graduates should give up hope," says Challenger. "There are opportunities out there, but entry-level job-seekers will have to dig for them. They may have to look outside of the industry or career path they envisioned pursuing immediately out of college."
Certain industries will provide a better chance for college grads to get their foot in the door at a company. Health care (nursing, physical therapy, medical technician, etc.) seems to be the top field for grads to find positions. The industries that follow health care include: business administration, computer science, accounting/finance, engineering, marketing, liberal arts, education and journalism/communication.
"As the job market continues to improve over the next couple of years, those who can show some work experience are going to be in a better position than those who abandoned the job market entirely," says Challenger. "For those who feel that opportunities are nonexistent, the best option may be a return to school. However, for many this is not an option financially, and they may simply return to live with their parents until steady income can be achieved."
For more information, visit www.challengergray.com.
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